Daily Market Update: USDJPY & BTCUSD – Jan 7th, 2025
NOTE: This market newsletter is based on analysis conducted using the daily chart timeframe. Each market discussed is accompanied by a corresponding price chart for clarity and reference.
USDJPY: Buying On Retracement Lower To Within The Range Of Bullish Fakeout + Pin Bar Setup
Comments: Price formed a Bullish Fakeout + Pin Bar Setup on Monday, Jan 6th.
The Bullish Pin Bar + Inside Bar (Combination Setup) that had formed on Friday, Jan 3rd failed (We suggested buying on a breakout of this setup in the Jan 6th Weekly Newsletter).
Price moved higher from the recent Bullish Pin Bar Signal that had formed on Tuesday, Dec 31st (We suggested buying on a retracement lower into the range of this signal in the Jan 6th Weekly Newsletter and hopefully some traders got on board).
Potential Trade Signal: We are looking to buy on a retracement lower to within the range of the current Bullish Fakeout + Pin Bar Setup that had formed on Monday, Jan 6th, with stops below the low of the Bullish Pin Bar Signal that had formed on Tuesday, Dec 31st.
Buy Limit: 157.15
Stop Loss: 155.80
Take Profit: 161.20
Risk Reward: 1:3
To Trade This Market With Our Preferred Broker, CLICK HERE
Bitcoin – BTCUSD: Buying On Retracement Lower & After Price Action Signal At Or Above $98739 – $99890 Support Area
Comments: Price moved higher from the recent Multiple Inside Bar Pattern that had formed on Sunday, Jan 5th (We did not consider trading this pattern).
Potential Trade Signal: We are looking to buy on a retracement lower and after a price action buy signal, at or just above the $98739 – $99890 short-term support area.
To Trade This Market With Our Preferred Broker, CLICK HERE
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Disclaimer: The risk of loss in trading financial market products, like Cryptocurrencies can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition. Any content posted here should not be considered financial or Trading advice, this newsletter is just for information purposes and is just the author’s opinion.
